Centro Norte Begins to Navigate a Post-AMLO World
We raised our fair value estimate about 5% to MXN 109 from MXN 104 (to $45 per ADR from $43) for wide-moat Grupo Aeroportuario del Centro Norte stock following fourth-quarter results that beat our expectations and the time value of money. We raised our 2019 passenger growth estimations after examining 2018 results and early 2019 domestic and international passenger growth, which we believe reflects strong consumer confidence in Mexican air travel. We also raised our passenger traffic forecasts f...Grupo Aeroportuario del Centro Norte (OMA) operates and manages thirteen airports in central and northern region Mexico: Monterrey; Acapulco, Mazatlan and Zihuatanejo; Ciudad Juarez and Reynosa; Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon, and Zacatecas. Co.'s airports serve more than 16.9 million domestic and international passengers with aeronautical and commercial services. Co. also provides cargo handling, storage, generates revenue from hotel services and restaurants, shops, banks, and other retail services to passengers in its airports.
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